US Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

US Generic Drug Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

  • May 2022 •
  • 110 pages •
  • Report ID: 4837064 •
  • Format: PDF
The US generic drug market reached a value of US$ 83.2 Billion in 2021. Looking forward, the analyst expects the market to reach US$ 105.7 Billion by 2027, exhibiting a CAGR of 3.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Generics are off-patented drugs that are bioequivalent to branded medications in terms of dosage, strength, quality, form, effect, intended use, side effects, and route of administration. In the US, generic drugs have witnessed a substantial rise in production as they are less expensive than branded drugs and do not require extensive research and testing. Additionally, the introduction of generic medicines has helped in sustaining the healthcare system of the country with improved patient access and generating savings for taxpayers, employers and insurance providers. Moreover, the market is currently experiencing significant growth due to a rise in the prevalence of chronic diseases across the region, such as cardiovascular diseases, diabetes, Alzheimer’s disease, and Parkinson’s disease.

Market Drivers:
In recent years, there has been a rise in the number of generic drug approvals across the US supported by the implementation of the Drug Competition Action Plan of the FDA that aims towards the elimination of barriers faced by the generic-drug manufacturers. Furthermore, to enhance the generic-drug development and approval process, the US Food and Drug Administration (USFDA) has reauthorized the Generic Drug User Fee Amendments in 2017. The GDUFA II allows the collection of user fees from generic-drug manufacturers to provide the FDA with additional resources for generic-drug reviews. Other than this, the Government has introduced several programs for offering incentives to physicians and pharmacists to promote generic substitution in the nation. Besides, numerous brand-name drugs are set to lose their patent protection in the near future which will have a positive effect on the generic drugs market in the country.

Key Market Segmentation:
the analyst provides an analysis of the key trends in each sub-segment of the US generic drug market, along with forecasts at the global level and for the United States from 2022-2027. Our report has categorized the market based on segment, therapy area, drug delivery and distribution channel.

Breakup by Segment:

The market has been segmented into unbranded and branded generics. Currently, unbranded generics exhibit a clear dominance in the market, holding the majority of the market share.

Breakup by Therapy Area:

The market has been categorized on the basis of various therapy areas which mainly include CNS, cardiovascular, dermatology, genitourinary/hormonal, respiratory, rheumatology, diabetes and oncology.

Breakup by Drug Delivery:

On the basis of drug delivery methods, oral drugs represent the largest segment as they are convenient for the patients and requires minimal or no medical assistance.

Breakup by Distribution Channel:
Hospital Pharmacies
Retail Pharmacies

On the basis of distribution channel, the market is dominated by hospital pharmacies which account for the majority of the generic drug sales in the region.

Competitive Landscape:
The market is characterized by the presence of manufacturers who compete in terms of quality and prices. Some of the leading players operating in the market are:

Actavis (Teva)
Sandoz (Novartis)
Sun Pharma
Par Pharmaceuticals (Endo Pharmaceuticals)
Lupin Pharmaceuticals
Dr Reddy’s
Hospira (Pfizer)

Key Questions Answered in This Report
1. What was the US generic drug market size in 2021?
2. What will be the US generic drug market outlook during the forecast period (2022-2027)?
3. What are the US generic drug market drivers?
4. What are the major trends in the US generic drug market?
5. What is the impact of COVID-19 on the US generic drug market?
6. What is the US generic drug market breakup by segment?
7. What is the US generic drug market breakup by therapy area?
8. What is the US generic drug market breakup by drug delivery?
9. What is the US generic drug market breakup by distribution channel?
10. Who are the leading US generic drug manufacturers?